UPDATE 1-EU to urge G20 response on Facebook's Libra, calls for tech tax reform

(adds quotes, details) By Francesco Guarascio BRUSSELS, Oct 4 (Reuters) – European Union finance ministers will tell their counterparts at a G20 meeting in mid-October that a global regulatory response is needed to “stablecoins” such as Facebook’s Libra, an EU document said. The ministers, who will formally approve the text next week, are also calling on G20 partners to reform their taxation of digital companies in 2020 and to urgently address trade tensions which “put global growth at risk”, the terms-of-reference document said. “Latest developments with regard to stablecoins and the multi-faceted regulatory, oversight and supervisory challenges these represent, call for seamless cooperation and concerted response at global level,” the EU will tell G20 partners at a meeting of finance ministers and central bankers in Washington on Oct. 17-18. Facebook’s planned Libra is the most well-known of the stablecoins – cryptocurrencies backed by assets such as traditional money deposits, short-term government securities or gold. EU heavyweights France and Germany have criticized Facebook’s project, saying it posed risks to EU states’ sovereignty. The European Central Bank has also called for strict oversight of Libra and will present a report on it at the G20 meeting, EU officials said. At the meeting,… Read full this story

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